IIPR Q3 2025 TL;DR
Innovative Industrial Properties (IIPR) experienced significant financial contraction driven by material headwinds in the regulated cannabis sector, prompting a strategic pivot into life sciences.
Financial Performance (9M Ended 9/30/2025): Revenues declined YoY, down 14% to $199.3M. Net income attributable to common stockholders dropped significantly (YTD $83.7M vs. $120.4M in 2024), resulting in Diluted EPS of $2.87 (down from $4.16). Cash from operations fell 26% to $148.3M, and the ending cash balance plummeted sharply, largely due to heavy investment act
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